As the festive season approaches, many businesses consider adjusting payroll schedules to accommodate holiday closures or to provide employees with early payments. While this gesture is thoughtful, it’s crucial to adhere to HM Revenue and Customs (HMRC) guidelines on Real Time Information (RTI) reporting to prevent unintended consequences for your employees, particularly concerning their eligibility […]
As the festive season approaches, many employers look to host Christmas parties to show appreciation for their staff. In the UK, there are specific tax exemptions that allow businesses to provide annual social events, like Christmas parties without incurring additional tax liabilities for either the employer or the employees. Key conditions for a tax-free staff […]
As we approach December, it’s crucial to be aware of the upcoming tax filing and payment deadlines to ensure compliance and avoid potential penalties. Here’s a detailed overview of the key dates and obligations for December 2024: VAT Returns and Payments 7 December 2024: If your VAT quarter ended on 31 October 2024, your VAT […]
In this alert, NMW refers to the National Minimum Wage and NLW to the National Living Wage. Hopefully, you will have seen the Budget that included increases in the above rates from April 2025. This alert describes the consequences if you forget to update employee remuneration rates and includes a section for directors who have […]
Many clients are confused by the special rules that govern tax payments due, if at all, on interest received from savings. Banks now pay interest gross, without deduction of tax, and so any interest received on savings interest is potentially taxable. Savings in this context include regular savings accounts, bonds or fixed-rate savings accounts, and […]
According to government sources, there are over 670,000 young people (aged between 18 and 22 years), who may have cash languishing in a Child Trust Fund Account. And they – and their parents – may not be aware that such an account exists. Read on to make a claim. What is a Child Trust Fund? […]
Changes to the High Income Child Benefit Charge (HICBC) for 2024-25, mean that where a child benefit claimant or their higher earning partner has adjusted net income of between £60,000 and £80,000 (previously £50,000 to £60,000) they will now be able to keep some or all of their child benefit for 2024/25. Importantly, if they […]
Setting up a new business is not a project for the faint of heart. In this fact sheet, we have set out a few of the roadblocks you are likely to encounter on your journey and a few ideas that will help you stay on track. What to do before taking the plunge Most […]
It is unusual for a Chancellor to make tax changes in a budget and backdate these to take effect before the budget announcements are made. When Rachel Reeves steps up to the dispatch box to present her first budget on 30th of October, the likely dates from which any changes are effective will […]
We all have elderly folk in our family or ageing neighbours, and many may or may not be eligible for financial support this coming winter. But recent government announcements have shifted the goalposts, and the welcome Winter Fuel Allowance is now restricted to pensioners receiving Pension Credits or other means-tested benefits. According to government sources, […]
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